0% Down Purchase NJ and NY

0% Down Purchase

0% down Purchase

Down payment assistance programs continue to be a valuable resource for low to moderate income homebuyers across the country.  Golden Mortgage Corporation offers an exclusive 0% Down Purchase program with our lending partners in NJ and NY.  Simply put, qualified borrowers receive a 3% down payment assistance loan up to $15,000, from the Lender.  This allows buyers to get into a home right now with no down payment.

Here's how it works:

  • First lien mortgage meets Loan to Value (LTV) requirements
  • Lender provides a second lien mortgage for 3% of the purchase price, up to $15,000
  • Second lien has no monthly payment requirement and no interest
  • Second lien balance is due when the first lien loan is refinanced or paid off, whichever comes first
  • Payments on the second lien can be made throughout the loan term, but are not required

How borrowers can qualify:

  • Borrowers must be at or below 80% of the Area Median Income (AMI) for the address of the property they are buying and meet Home Possible guideline requirements.  Link to Fannie Mae property query: https://ami-lookup-tool.fanniemae.com
  • For very-low income borrowers whose qualifying income is at or below 50% AMI, they will receive a $2,500 credit as part of the 3% assistance
  • This credit does not need to be repaid by the borrower and lowers their debt obligation from the second lien
  • 620+ FICO and Loan to Value must be equal to or greater than 95% LTV, up to 97%


  • At least one borrower must be a first-time homebuyer and meet the HomeOne and lender underwriting requirements
  • First-time homebuyer is defined as someone who has not had ownership in a home in the past 3 years
  • FICO credit score 700+ and LTV must be greater than 95%, up to 97%

Information subject to change.  Certain restrictions apply.  Subject to approval of borrower and investor guideline requirements.  Down payment is provided as a 2nd lien against the subject property.  2nd lien bears a 0% interest rate and cannot exceed a $15,000 loan amount.  2nd lien has no minimum monthly payment requirement, a term of 360 months and is fully due as a balloon payment upon the occurrence of either a refinance of the 1st lien, payoff of the 1st lien or the final payment of the amortization schedule of the 1st lien.  Borrower must qualify based on Home Possible or HomeOne guidelines. Some exclusions may apply.

To learn more about the New Jersey and New York 0% downpayment Purchase program, call us at 877-539-1697, complete our inquiry form or apply online.